Dish TV India, a direct-to-home (DTH) operator, has given its approval for the appointment of Sunil Khanna as an independent director and Ravi Bhushan Puri as an executive director. The company stated that shareholder approval will be sought in accordance with relevant regulatory provisions, and these appointments will be effective until September 30, 2024.
The effectiveness of the appointments is contingent on receiving approval from the Ministry of Information and Broadcasting (MIB) or the occurrence of the board's director count falling below the statutory minimum of three directors, whichever happens earlier.
Dish TV clarified that Ravi Bhushan Puri will not receive any additional remuneration for the aforementioned appointment. He will continue to be compensated in his existing role as 'Corporate Head of Broadcasting' within the company.
It is noteworthy that Dish TV India had previously faced fines exceeding ₹10 lakh from both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) due to violations related to board composition.
Since March 3, Dish TV has faced a board strength shortfall, falling below the Securities and Exchange Board of India (SEBI) mandated six directors. This was primarily due to the non-approval of four independent director appointments at the Extraordinary General Meeting (EGM) on March 3 and the subsequent resignation of independent director Zohra Chatterji, effective June 2, according to a Mint report.
The company has asserted that it has taken necessary measures to comply with Regulations 17(1) and 19 of the Listing Regulations. The reduction in the number of directors, resulting in non-compliance, is stated to be beyond the company's control.
In response to this situation, Dish TV made several appointments to its board. Aanchal David was appointed as an Independent Director, effective September 26, 2023, pending shareholders’ approval. Additionally, in a meeting on September 29, 2023, the company appointed Rajesh Sahni and Virender Kumar Tagra as non-executive, non-independent directors, with their appointments subject to shareholders’ approval.
